“Glori Energy’s technology revives oil fields with depleting production
volumes, reclaiming oil at a fraction of the cost of drilling new
wells,” said Kevin Skillern, GE Energy Financial Services’ Managing
Director of Venture Capital and representative of Energy Technology
Ventures. “Energy Technology Ventures brings deep oil industry expertise
and reach to help accelerate the commercialization of Glori Energy’s
technology and achieve the scale required to significantly benefit
consumers and the economy.”

Conventional oilfield technology typically extracts only one-third of
all discovered oil, leaving significant crude underground. Glori
Energy’s technology, the AERO™ (Activated Environment for Recovery of
Oil) System, may extract an additional 30-45 percent beyond that
obtained from traditional processes. The most common method to enhance
oil retrieval following primary recovery is termed waterflooding, which
entails injecting water into wells to maintain or increase reservoir
pressure. This process is limited in effect because oil is more viscous
than water and is bypassed as water flows through the rock matrix. Glori
Energy’s methodology introduces a customized mix of safe nutrients into
waterflooded oil fields to stimulate the growth of indigenous microbes
which temporarily modify the fluid pathways to redirect water and
improve oil mobility.

“Glori Energy customizes its treatments to optimize the microbiology of
each oil field. This is the key to our ability to extract substantial
crude oil from wells at low cost,” said Stuart Page, CEO of Glori
Energy. “With oil remaining part of the energy mix for the foreseeable
future, our technology increases production from mature fields without
having to drill a single new well.”

Oil is among the strategic interests of Energy Technology Ventures,
which helps companies develop and commercialize their next-generation
energy technologies. GE Energy Financial Services’ activities include
$3.5 billion equity in oil and gas assets since 1991. This complements
GE Oil & Gas’ global leadership in advanced technology equipment and
services. ConocoPhillips, meanwhile, is the fourth-largest refiner in
the world and the seventh-largest reserves holder of
nongovernment-controlled companies and is known worldwide for its
technological expertise in reservoir management and exploration. Among
other advanced technology initiatives, NRG Energy is exploring the use
of captured carbon dioxide emissions from coal plants for use in
enhanced oil recovery.

Glori Energy's mission is to cleanly and safely recover billions of
barrels of oil that are trapped in existing well reservoirs without
having to drill a single new well. Glori partners with oil producers to
install the AEROTM (Activated Environment for Recovery of
Oil) System to significantly increase oil production. The AERO™ System
provides a new, viable low-cost option to cleanly and safely recover
previously trapped oil and bring it to market. For more information
visit: www.glorienergy.com.